Abstract
Globally, countries are ranked depending on their economic strength or influence internationally, for instance, countries are grouped as developed, developing, underdeveloped and failed states. Most of the countries in the world are developing especially Asian, African and South American states. According to global economic research, most of the states in Europe are developed. This has led to the region leading economically or having influence over world affairs due to their economic strength. Due to economic grouping, there are several unions or summits formed by the most developed or economically strong states. For instance, there is G20 and G8, G20 comprises 20 states with strong economies while G8 consists of the eight richest states in the global economic ranking.
The United States of America has been dominating the global market but China has been growing economically too. However, in the last ten years, the economy of the United States has been faced with several setbacks that have greatly affected its economic growth. Since the economic trends of countries are monitored by economists’ worldwide, this problem facing the United States of America is globally known. On the other hand, China has been claiming a valuation of their currency due to their economic growth and domination of the market. The Chinese economy has been on the rise and its products are dominating the world market. This is according to the global market and economic research of the G20 economies.
This paper discusses the importance of strategic management and its implementation with a main focus on the global economic conditions. It narrows down the research on China and the United States and their strategy of currency floating and how it has affected the economies of the two countries in their quest for global economic supremacy. It evaluates the economies of both countries over the past ten years.
Introduction
Management is the most important aspect of the operation in businesses and companies. It may be assumed that management is only important for the effective running of businesses and companies and or organizations only. However, management is important to countries too. Apart from effective leadership, a country requires an effective management team to steer it to greater achievements globally. Countries compete in different aspects, but the leading area of contention is economic competition. Different countries have different influences in the global community but it is considered with regards to the economy of respective countries.
Countries require effective strategic management to adequately and effectively respond to uncertainties and maintain global economic ranking or increase their influence economically in the globe. Countries’ economies compete based on the strategic management plans that they adopt. Furthermore, the global economic condition is influenced by strategic economic management employed by different countries, for instance, China and the United States. The economy of China and the United States are almost at perdue to strategic economic management adopted by the two countries. This is a research paper on the global economic condition with regards to the prevailing strategic economic management applied by both United States and China.
Literature review
The global economy is comprised of several countries. Furthermore, there are different categories of countries based on their economic influence and strength. Generally, countries are classified as either developed or developing. However, there are also failed states and underdeveloped. Though there are developed countries, and they are considered most influential with the strongest economies in the globe, their influence differs. This has led to a struggle for global economic supremacy for the global economic superpower. Several developed countries are adopting strategic management plans to emerge as global economic super powers but competition is mainly between the United States and China as witnessed of late considering the current global economic conditions (Nelson, 2006).
Globally, countries are ranked depending on their economic strength or influence internationally, for instance, countries are grouped as developed, developing, underdeveloped and failed states. Most of the countries in the world are developing especially Asian, African and South American states. According to global economic research, most of the states in Europe are developed. This has led to the region leading economically or having influence over world affairs due to their economic strength. Due to economic grouping, there are several unions or summits formed by the most developed or economically strong states. For instance, there is G20 and G8, G20 comprises 20 states with strong economies while G8 consists of the eight richest states in the global economic ranking (U.S./China Media Brief, 2011).
This global economic grouping plays an important role in the global economy especially in times of global economic crisis. These states frequently meet and discuss global economic trends. World economic status may be determined concerning the economies of these rich nations. The United States of America is believed to be the richest state globally with stiff competition from China whose economy is growing at a faster rate compared to other states globally. The fast growth in the Chinese economy has to the nation to claim valuation in their currency. This is because economic giants’ currencies are considered superior to other currencies. This was one of the issues that have led to talks between China and the United States of America (Marcy, 2007).
The United States of America has been dominating the global market but China has been growing economically too. However, in the last ten years, the economy of the United States has been faced with several setbacks that have greatly affected its economic growth. Since the economic trends of countries are monitored by economists’ worldwide, this problem facing the United States of America is globally known. On the other hand, China has been claiming a valuation of their currency due to their economic growth and domination of the market. The Chinese economy has been on the rise and its products are dominating the world market. This is according to a global market and economic research of the G20 economies (Mouse, 2006). Therefore, economic groupings in the globe are influenced by economic influence and rank.
Due to the rise in the economic status of China, it has greatly boosted trade between the United States and China. Considering trade between the two countries in the last few years, it has greatly increased leading to strong economic ties between China and the United States. China is the second-largest United States, trade partner. However, China is the biggest importer in the United States economy due to the high demands of their products in the United States economy. Due to the close economic ties between China and the United States, changes in the economy of each country directly affects the other and its economy.
Due to the high economic growth in the china economy, their currency has been rising over other currencies in the market too. For instance, in the last six years, the currency has been constantly experiencing an increase of 4.5 per cent annually. The currency was highly evaluated in the market between 20008 and 2010 when it recorded a 7 per cent increase. The currency has been consistent and risk-free compared to other currencies in the global market. The valuation of the Chinese currency has been due to its domination of the global market in terms of exports and trade links with the global market. The rise in their currency has been affecting the economies of countries that they closely trade with especially the United States (Lenox, 2005).
Though the RMB is appreciating faster in the market, it is not fully tradable. This has affected the forex market and currencies of other countries. Other currencies compete directly with China noting that they peg their currency against the United States dollar. Due to the close trading partnership between China and the United States, appreciation in the value of RMB will lead to the depreciation of the U.S. dollar leading to a decrease in income from United States investors investing in China but an increase in income in investments held by Chinese investors in the United States among others. The international community has taken valuation of the Chinese currency as the major cause of the global economic crisis; this is because China is one of the largest global exporters (About.com, 2011).
During the last G20 meeting, the United States advised China on discussion concerning the valuation of their currency due to their close trade ties. After the meeting, the United States and China have been having frequent meetings in Beijing and in the U.S. too. These meetings are mainly trading meetings to discuss the valuation of the Chinese currency and its effects on the economy of both China and the United States (Brown, 2011).
Valuation of the currency of China has effects on importers, exporters and consumers in the United States due to the close trade ties between the two countries. China is the largest importer in the United States economy because the United States relies on most Chinese products. On the other hand, China does not import most of its products from the United States. Therefore, the valuation of Chinese currency directly affects the economy of the United States and hence they have to monitor the valuation of the currency of China to protect its economy from inflation. Trade between the two countries has increased in the last years considering quantities of United States imports from China and the export of China to the United States (Robert, 1999).
In the recent past, China has been dominating the global market both on export and manufacture of products. Though it is considered by some countries especially in the European region that China offers or produces substandard goods or products, they are mainly preferred by those or consumers with low income. Chinese products are mainly preferred by many because they are of low prices hence affordable by many. Generally, Chinese products are affordable and low price because they are mainly produced in China and it has a low cost of raw materials leading to the low cost of production. Since the cost of production is low in China, it produces low priced goods.
This has given China an advantage over countries producing similar goods. However, the United States is competitively countering Chinese goods in the market despite their low prices. The United States is considered the global superpower economically due to their economic capability. China is offering a threat to the United States because the United States also imports most of its products due to the low prices of its products to increase consumers’ purchasing power in the United States. Therefore, despite being the economical superpower in the globe, the United States feel threatened by China due to the prices of their products in the market (Uche, 2003).
Diagram showing China’s GDP between 1980 and 2011.
Methodology
Several research methodologies can be used in the determination of the prevailing economic condition, for instance, quantitative and qualitative research methods. This section focuses on the research methodology of the study and the theory of research design in detail. There are different types of research methodologies that can be used in research methods, for instance, qualitative or quantitative. Choice of the research method to use in research depends on the subject matter or topic nature of the study and intended data to be collected among other statistical characteristics or features. Furthermore, the research should be designed in such a way that the study topic is effectively and adequately addressed. The data collection method should also be reliable depending on the nature of the study and required data. There are two types of data collection methods, for instance, primary and secondary data collection methods (Kessler, 2007).
Considering the nature of the global economic condition, the research should apply both qualitative and quantitative research methods. The application of both research methods will enable effective and adequate research on the study topic considering the dynamic nature of the global economy (Patrice, 2004). Moreover, the data collection methods should be both primary and secondary data collection methods. Data required for this research should be obtained from primary sources and secondary sources to enable comparison of the obtained data with past research on the industry because there are similar researches that have been conducted in the past and different results obtained. This will also ensure that the results are realistic and reliable hence used for future reference by other researchers in the field of study. However, data or information of the research study will be mainly based on secondary data (Alexandra, 2007).
Result and discussion
International communities and other traders have been claiming that China has been manipulating its currency to gain an unfair competitive advantage over manufacturing firms in the United States. This has been pointed out as the major cause of the current economic inflation and crisis. The currency of China is undervalued than it is worth as per the international market. Therefore, the international community has been calling on China to valuate its currency due to their domination of the global market. In the recent past, Chinese export to the United States has greatly increased leading to the domination of the market and gaining a competitive advantage over other manufacturers in the United States market (Michael, 2000).
Economic observers have linked the increased import by United States importers of the Chinese products due to undervaluing of Chinese currency leading to cheap prices by importers which are passed over to the consumers too. Undervalue of the Chinese currency has been linked with the government. Many argue that it is the government plan to maintain undervalue of the currency to easily penetrate the global market and increase returns in the long run. The low prices of the imported products from China have led to consumer loyalty because they are affordable. Chinese products have greatly dominated the United States market since they are preferable by consumers because they are affordable. This in return has increased the quantities imported by the United States from China (Christina, 1997).
However, the high imports and low prices of Chinese products have been greatly affecting the domestic manufacturers in the United States. Since they have to compete with imported products, competition with Chinese products has not been easy leading to low returns or failure for most of the domestic manufacturers. This is because the products are cheap increasing demand hence encouraging the importers to increase imported quantities due to high sales volume and returns level too.
The low prices of the Chinese products have increased purchasing power of consumers in the United States, but greatly affected the domestic manufacturers who levy high prices hence low demand for their products. China has been gaining a competitive advantage in markets due to their advanced technology hence producing a variety of products in the market. This has greatly increased monetary or cash flow between China and the United States in the last two decades due to high levels of imports and exports (Charles, 2008).
Though China exports most products to the United States, it does not import the same levels from the United States. This is because China may not afford or find imports from the United States costly. This is because its currency is inferior to the U.S. dollar. Therefore, China prefers importing from other countries rather than the United States though it imports in large quantities from the country (David, 2010).
The Chinese global currency value has been causing debates on the possibility of increasing its value or allowing it to rise due to its global economic status. Valuation of the Chinese currency will have several effects on the importers, exporters, and consumers in the United States. For instance, importers will decrease the quantities they import from China due to the rise in the value of RMB against the U.S. dollar. The decrease in imports from China may also benefit other potential importers in the United States whose currencies are slightly lower compared to the U.S. dollar hence increasing their quantities of export to the United States.
Valuation of RMB will lead to a decrease in quantities imported from China by importers due to an increase in costs. The importers will, therefore, experience a decrease in the level of income due to low quantities imported. This is because their income is directly proportional to the quantities they import from China. High imports lead to high income for the importers while low income leads to low-income generation by the importers (Robert, 1992).
The rising costs in the importation of Chinese products may also regulate the number of Chinese importers. In the recent past, investors dealing with the importation of Chinese products have been rising due to the low costs incurred in the importation and speculated high levels of returns (Robert, 2007).
Valuation of RMB would lead to a decrease in the level of imports from China. This is due to the increase in importation costs and prices of Chinese products. Investors importing Chinese products will also decrease due to the high prices. This will lead to low competition among importers due to a decrease in the number of importers of the products which might increase profits for those who sustain the investment despite the high costs. Valuation of the currency affects importers directly which is later transferred to the consumers. From market research, it is evident that high prices are due to high costs of production or importation.
Therefore, if costs of production increase producers tend to pass over the costs to consumers to cater for the high costs and hence avoid losses. It is the same case with importers. When the costs of importing a product increase, the importers will be forced to raise prices to cater for the increase in spending hence avoiding losses. The valuation of RMB will increase its value against the U.S. dollar leading to an increase in prices of imported Chinese products too (Sharon, 2009).
This will force producers to pay highly for the imported Chinese products which they were used to acquiring at low prices. A rise in prices in the market greatly affects consumers spending since their incomes are constant. Consumers will be forced to compare the prices of the Chinese products and other products available in the market to curb the increase in prices. Since China is almost on the same level as the United States in terms of technological application in production, it will force consumers in the United States to compare prices hence purchase the most affordable product in the market. An increase in prices will also change consumers’ scale of preference and buying patterns. Therefore, the valuation of the Chinese currency will increase the prices of their products which are imported in surplus in the United States (Michael, 2000).
Consumers tend to prefer low priced goods despite the quality of the product. An increase in prices will lead to low quantities of the products from China being imported due to decreased demand. The decline in demand is caused by the high prices which importers have to levy to avoid losses. It will in long run change consumer preference though most of the imported products in the United States are from China.
Valuation of the currency also affects the exporter. Importers and consumers are affected negatively by the valuation while exporters are positively impacted by the valuation. Due to the undervaluation of RMB, exporters have been exporting low quantities to China but highly to other markets. This is because Chinese consumers don’t prefer the products due to the high prices of the products from America. Valuation of the currency will adjust the prices of Chinese products making a slight difference between them and those imported from the United States. The valuation is therefore price relief for exporters in the United States (Ramsey, 2008).
Due to the low prices of Chinese products, they have dominated the United States market. This has given the product a competitive advantage over other products in the market. Since the products have dominated the U.S. market, most companies prefer exporting their products to other countries since they cannot fairly compete with the Chinese products due to their low prices. The low prices have greatly hurt firms leading to losses hence forcing companies to export their products to another market where they can compete fairly with other manufacturers (Robert, 2007).
Revaluation of RMB will also increase the level of competition between products manufactured in China and those manufactured in the United States in the Chinese market. This is because the valuation of the currency will reduce the prices of products from the United States since the currency value of the Chinese is not low compared to that of the United States. The valuation will greatly increase demand for the imported products from the united states due to a decrease in prices as opposed before.
The level of quantities exported to the Chinese market will also increase due to high demand. When prices decrease, quantities demanded are bound to increase due to increased purchasing power and ability of the consumers. Since the valuation of the currency reduces the prices of the products in Chinese currency, demand may increase leading to increased exports. Commodities with slight differences in prices fairly compete in the market depending on value and quality. A decrease in the prices of products manufactured in the United States in Chinese currency will increase the level of competition between the products and the domestic company products in China (Aggrey, 2010).
This will also enable United States exporters to easily access the United States market and hence increase their market share in China. In return, this will lead to a decline in the quantities the United States imports from China while the United States increases the quantities it exports to China. A country’s economy is determined by the level of GDP; it entails both imports and exports income. An increase in the value of RMB will lead to the products of the country facing fair competition from other products in the global market. This is because; China exports its products to almost all countries globally. Its products are dominating the global market due to low prices.
The country has low priced products due to the value of their currencies. China is advanced technologically leading to the production of high-quality products but at low costs leading to low international prices of their products (Sweeney, 2010).
Though China is levying low prices, it does not hurt their economy due to the value of their currency. However, other states are affected by the low pricing policy of China. It has led to growth in the economy of China, but global economic crisis or inflation. This is because China is one of the major global suppliers in most of the industries ranging from electronics to automobiles among others. The undervaluation of the RMB is the major cause of the economic growth of China globally. This is because their products have a competitive advantage over other products in the global market due to low prices.
Therefore valuation of the currency will lead to an increase in prices of the products of the country due to an increase in the value of their currency. This valuation will lead to an increase in prices of Chinese products in other currencies in respective states. For instance, Chinese products in the United States will increase in prices due to the appreciation of the RMB which will lead to the depreciation of the dollar (Uche, 2003).
Price increases will lead to a decline in the quantities purchased or demanded of the products from China. This will reduce the GDP of the country leading to a slow economic growth rate as opposed to before when they experienced a high economic growth rate. In the long run, the economic growth rate of China will decrease since their products will increase in price leading to decreased purchases by the consumers. Producers in China will also be greatly affected by the valuation of RMB because the cost of production will increase leading to a decrease in quantities produced due to high costs of production and decreased purchase of their products in the market (Robert, 1992).
The undervaluation of the Chinese currency caused an employment crisis in the United States due to the costs of production and losses by companies forcing them to deploy some of their employees. This led to the decrease in the number of people employed in the manufacturing industry because the companies required few employees due to the quantities produced and the level of demands of the products they produce. Valuation of the Chinese currency will lead to an increase in prices of their products in the US dollar and a decrease in United States products in Chinese currency. In return, this will increase quantities manufactured by United States’ manufacturers and decrease levels produced by Chinese manufacturers. This will shift the employment crisis in the United States to the Chinese (USC Marshal, 2011).
Since manufacturing companies will decrease their production quantities, they will have to decrease employment capacity. They will have to work with the number that they can support in terms of salaries. Deployment of some of the employees in the Chinese manufacturing industry will lead to an employment crisis since many will lose their employment positions. The country will, therefore, experience high levels of unemployment.
High levels of unemployment in the country will also harm the economy due to a decrease in taxes and a rise in dependency ratio. Governments have different sources of income, but the major source of income for all countries is taxation. Since China will experience an increase in levels of unemployment, this will lead to a decrease in government revenue from taxes especially PAYE. This will also contribute to the slow economic growth of the country which might force them to increase borrowings. Increased borrowings might also increase a debt of a country leading to economic slow growth (David, 2010).
Therefore, the valuation of RMB will negatively impact China’s economy and its producers in the long run. On the other hand, it will improve exports of United States’ manufacturers, but reduce imports of Chinese products into United States’ economy. The valuation of RMB will lead to increased competition of United States’ products in the Chinese economy reducing the market share of the Chinese owned manufacturing companies in China. Furthermore, the valuation will deprive Chinese products of the competitive advantage they have over other products in the global market since it will create room for fair competition. This is because prices of Chinese products will increase in prices in other currencies due to their valuation (Robert, 1999)
In the long-run, economy of China will not maintain the current growth rate it enjoys in the global market. In addition, the current may also face an employment crisis due to a decrease in production quantities which will result in companies requiring few employees as opposed to earlier when they required many employees to assist in the production process (John, 2009).
Currently, China is the major exporter in most countries globally due to the prices of its products. The United States is the major or main trade partner of China so the value of its currency greatly affects its economy. According to economic analysts, the current economic problem facing the United States is due to the value of RMB which is 40 per cent below the value of the U.S. dollar. The country has also blamed the value of RMB and China’s strict measures on the valuation of RMB as the major cause of their economic global crisis and globally. The undervaluation of RMB has led to several problems in the United States which have hurt the country economically.
For instance, the united states blame the undervaluation of RMB for job losses in the country and the current global trade imbalance. They also associate the high level of inflation to the undervaluation of the Chinese RMB leading to several instances of global economic crisis. The country has, therefore, been working on plans to slap tariffs on Chinese products if they fail to relax tight currency control to reduce their global market share (Christina, 1997).
From economic researchers report, low prices of Chinese products have been importing unemployment in countries that trade with them including the United States. This is because their products are cheap hence gaining a competitive advantage over other products in the global market. For this reason, companies have reduced the number of employees since they produce in low quantities due to the high demand for Chinese products in the market. Due to the negative factors that Chinese exports to other economies, they are for the valuation of the RMB; however, China is against it because it is the major contributor to their economic growth and success.
China places tight control on the value of its currency to dominate the world market. This is a lesson they learned from Japan which led to the economic boom in Japan between 1970 and 1980s. The most affected country in the United States due to the quantities that they import from China while exporting relatively low quantities in return. Therefore, the United States has been lobbying for the valuation of RMB (Robert, 1999).
The valuation of RMB may have several impacts on United States’ economy due to their close ties. Upon China floating its currency, it will mean that the value of RMB is determined by the prevailing exchange rates in the market hence may easily increase or decrease depending on the economic situation. Floating currencies’ values are determined by the prevailing economic status. Therefore China accepting to float their currency will greatly help the United States curb some of the economic imbalances facing its economy.
For instance, when China floats its currency, United States manufacturers will increase their exports to China since the prices of their products will be almost equal to products produced in China. It will lead to fair competition between United States’ products and China’s products in the market. In return, this will increase quantities produced by the United States, reduce the level of unemployment; reduce their debts among others (Jeffries, 2001).
The United States believe the level of unemployment in the country has been exported by China due to their pricing policy. This has to lead to high employment opportunities in China while causing unemployment in countries they trade-in in the long run. Therefore, the floating of China’s currency will balance trade between China and the United States. Floating of the currency will also lead to increased demand for the United States products in China hence boosting their income from exports.
Since manufacturers will increase quantities of production, they will need to increase employees’ number to cater for the quantities of products and the relevant duties that the employees need to do in the company. In return, this will reduce the level of unemployment in the United States. Furthermore, it will reduce the dependency ratio leading to an increase in government revenue in terms of taxes collected. It may also reduce the several recessions that have been facing the United States (Robert, 1992).
Therefore, floating the RMB will greatly benefit the United States because their economy may take a good turn. This will increase their profit levels especially to manufacturers who have to produce at high prices but charge lowly regarding prices of Chinese products in the market which they have to compete against despite their low prices. The float may somehow hurt the economy of the United States because it might result in economic decline in the United States. That is China may gain economic position and beat America in economic ranking. This is with consideration to the reputation of their products in the global market. Most people have been using their products hence brand loyal to Chinese products. This may lead to increased income for China leading to economic bloom which might see America replaced by China as the global economic giant (Robert, 2007).
Though currency pegging is advantageous to China, it hurts the economies of other countries globally. For instance, countries such as South Africa, Brazil, and United States among others have been blaming their economic crisis on the currency pegging policy of China.
This is because it has led to high levels of unemployment leading to low Gross Domestic Product (GDP). Floating of the currency will, therefore, create a fair and competitive economy where the best economy benefits fairly concerning their economic standing in the global market. It will also lead to fair completion and development of the global market. However, it might harm the economy of growing states; this is because it might lead to debts that the country may not be able to settle in the long-run causing economic imbalance. The floating of currency is the main reason for the underdevelopment of many states especially developing countries (U.S/China Media Brief, 2009).
Conclusion
Strategic management is the most important plan a management team can adopt and effectively assist a country; company and organization among other established bodies achieve their goals within a specified time or period. There are several countries in the globe competing for global economic supremacy, but the achievement of the goal relies on the adoption of a strategic management plan and effective implementation of the respective plan. China and the United States currently are the countries intensely competing for global economic supremacy and each state employs different strategies to main and or gain economic rank in the global economy.
Basically, these countries have a strategy of floating their currencies. However, the strategy is dangerous but due to strategic management, they have effectively applied the strategy and gained economic mileage especially in China. Therefore, though it harms their economies, this is the best way to avoid and curb instances of global inflation and economic crisis. Therefore, floating currency is the best option for the control of the global market. This is because it allows products from different countries to compete fairly in the global market and may reduce instances of global inflation and economic crisis.
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